Weekly expositor. (Brockway Centre, Mich.) 1882-1894, 1887-12-15

holders who are willing to sell may un-
reasonably enhance the cost OF such bonds
to the government. 1t has been suggested
that the present bonded debt might be
refun ded at less rate of interest and the
difference between the old and new securi-
ties paid in cash. thus finding use for the
| surplus In the treasury. The success Of
this plan, it is apparent, must be founded
upon the volition of the holders Of the pres
| emit bonds: and it is not entirely certain
that the inducement which must be afford
| cd them would result in moro financial
| benefit to the government than the pur-
| chase of bonds, while the latter PROPOSE.
| ton would reduce the principal OF the
| debt by actual payment, instead OF ex.
| tending it. The proposition to deposit
the money held by the government in
banks throughout the country for use by
the people Is, 1t seems to me, an exceed
ingly Objectionable principle, as reaching
too close relationship between the
operations.of the government to the busi-
ness OF the country, and too extensive
commingling OF their money, thus foster
ing an unnatural reliance in private bust
ness upon public funds. IL this scheme
should be adopted it should only be done
| as temporary expedient to meet an ur-
gent necessity. Legislative and execu-
posite direction and should have tenden-
| cy to divorce, as much and as fast as can
| safely be done, the treasury department
from private enterprises.
Or course it is not expected that unnec-
essary and extrayagant operations viii be
| emulation OF an excess OF revenue.
| Such expenditures, besides the demorali-
cation of all just conceptions of public
duty which IL entails, emulates reckless
| improvidence, not in the least consistent
with the mission of our people or the high
and benefcent purposes OF our govern
| ment.
LEGISLATIVE RELIEF DEMANDED.
have deemed it my duty thus to bring
to the knowledge of my countrymen, as
| we'll as to the attention of their represen-
tatives the responsibility of legislative
relief for the gravity of our financial
| situation. The failure of the congress
heretofore to provide against the dangers
| which it was quite evident the very
nature OF the dihculty must necessarily
distress and apprehension since their last
adjournment which taxed to the utmost
| all the authority and expedients within
| executive control; and these appear now
| to be exhausted. If disaster results from
| the continued inaction of congress, the
responsibility must rest where it belongs.
| Though the situation thus far considered
| is fraught with danger which should be
fully realized, and though 1t presents
features of wrong to the people as vol as
| to the country, IL is but a result growing
out of perfectly palpable and apparent
cause, constantly reproducing the same
| alarming circumstances conRested ma
tional treasury and depicted monetary
| condition in the business OF the country.
| 1t need hardly be stated that while the
present situation demands a remedy, we
| can only be saved from predicament in
the future by the removal of the cause.
| Or scheme OF taxation by means OF
| which this needless surplus is taken from
| the people and put into the public treas
| ury consists of tariff or duty levied
| upon importatlon> from abroad, and i'll
| ternal revenue taxes levied upon the con
| sumption of tobacco and spirituous and
malt liquors. 1t must be conceded that
| none of tine things sub ected to internal
revenue taxation are, strictly speaking,
| necessaries: there appears to be no just
| complaint vf this taxation by the consum-
| ers of these articles, and there seems to be
| nothing so we'll able to bear the burden
| without hardship to any portion OF the
people. But our present tariff laws-the
| various, inequitable and illegal source OF
| unnecessary marlborough TO be at
| once revised and amended.
| THE EFFECT OF PROTECTION.
The laws, as their primary and plain
| effect, raise the price TO consumers OF all
| articles imported and subject to duty 10y
precisely the sum paid for such duties
| Thus the amount of the duty measures
| the tax paid by those VINO purchase for
use these imported articles. Many OF
tnese things, however, are raised OF
Il -
| the duties now levied upon foreign goods
| and products are called protection to
JDese nome manufacturers because they
render it possible for those OF our people
| who are manufacturers TO make these
| taxed articles and sell them for price
equal to that demanded for the impo ted
goods tuat have paid customs duty. So
| it happens that while comparatively q
l few use the imported articles, millions OF
| our people who never use ana never saw
L h<a mot hac A
and use things of the same kind made in
| this country, and pay therefor nearly or
quite the same enhanced price which the
| duty adds to the imported articles.
Those who buy imports pay the duty
| charged thereon into the public treasury,
but the great majority of our citizens,
| who buy domestic articles of the same
| class, pay "a sum at least approximately
| equal to this duty to the home manufac-
turers. This ret Srence to the operation
| of our tariff laws is not made by way of
instruction, but in order that we may be
| constantly reminded of the manner in
which they impose burden upon those
who consume domestic products as well
| as those who consume import articles,
and thus create a tax upon all our people.
1t is not proposed to entirely relieve the
| country of this taxation. 1t must be ex-
| tensiveiy continued as the source of the
governments income; and in readj'.st-
ment of our tariff the interests of Ameri-
/ can lHDOT eURdSeu SuOuNu
| be carefully considered, AS well as the
preservation of our manufactures. 1t
may be called protection, or by any other
name, but relief from the hardships and
| dangers of our present tariff laws should
| be devised with especial precaution against
| importing the existence OF our manufac-
| turing interests But this existence should
| not mean a condition which, without re-
| gard to public welfare or a national ex-
| igency, must always insure the realization
| Of immense profits instead of moderately
profitable returns. AS the volume and
| diversity of our national activities in
| crease, new recruits are added to those
| who desire a continuation of the advan.
tages which they conceive the present
| system of tariff taxation directly affords
| them. SO stubbornly have all efforts to
reform the present condition been resisted
| by those Of our fellow citizens thus en-
gagged that they can hardly complain OF
| the suspicion, entertained to certain
extent nthat there exists an organized
combin alton all along the line TO maintain
| their advantage.
We are in the midst of centennial cele-
| brations, and with becoming pride we re-.
joice in American skill and ingenuity, in
| American energy and enterprise and in
| the wonderful natural advantages and
| resources developed by century's ma
tional growth. Yet when an attempt is
made to justify a scheme which permits q
ia N hQ In i'll in tha